Analysis of the past week

The past week was very rich with news due to the meetings of the US Central Bank and the UK, the results of which had a very ambiguous impact on the market and made a significant increase in volatility in trading.

The meeting of the US Federal Reserve caused a general decline in the American currency across the entire spectrum of the market. The main factor behind the decline in the dollar was the continuation of the forecast for the number of rate hikes for 2018, which remained unchanged.

As a result, the US dollar index approached the March low at 89.40, which was limited. At the same time, the corrective movement slowed noticeably, giving rise to a possible resumption of the downward trend, which was traced from the beginning of 2017. At the moment, the level of 89.40-00 is the key support that limits further decline in the US dollar index.

Graph of the US dollar index D. Current price – 89.50.

Anton Hanzenko